Binance Coin [BNB] rides second surge wave: 6.05% in an hour

After maintaining largely stagnant price movement, the collective crypto-market seems to be enjoying a massive run, at press time. Following the news about Bitcoin crossing the $6,000-market, almost all altcoins witnessed a sharp turn of events as the market momentum reversed and pushed the coins by significant amounts to break immediate resistances.

Source: CoinMarketCap

At press time, the top three altcoins painted green were Bitcoin Cash, Litecoin and EOS as they managed to surge by over 5% within a matter of minutes as they followed Bitcoin’s price movement.

Bitcoin Cash [BCH]

Source: Trading View

Bitcoin Cash, the fourth largest cryptocurrency on CoinMarketCap, was seeing a massive surge of 8.20%, at press time. Following the surge, the coin was valued at $295.43, with a market cap of $5.24 billion. The Bitcoin hard fork registered a 24-hour trading volume of $1.96 billion and was up by 6.54% over the past day. With the surge, the coin seems to have left bears behind and was up by 10.70% over the week.

OEX held 10% of the total BCH trade volume via the BCH/USDT pair, registering $202 million in volume. The second spot was held by LBank, which accounted for $197 million in trading volume via the BCH/BTC pair.

Litecoin [LTC]

Source: Trading View

Litecoin, following BCH closely, was hiking by 7%, at press time. The fifth largest cryptocurrency was moving in tandem with Bitcoin and was valued at $79.95. The silver coin held a market cap of $4.92 billion and registered a 24-hour trading volume of $3.76 billion. The coin held on to its earlier highs and was up by 8% over the day. The coin also followed Bitcoin Cash in abandoning the bear market and was up by 10% over the week.

Coineal held 14.85% of the 24-hour trade volume of Litecoin, registering $633 million in volume via the LTC/BTC pair. Coinall was second on the list and held $253 million in trade volume via the LTC/BTC pair.

EOS

Source: Trading View

EOS, the sixth largest cryptocurrency, joined the market rally and was up by 6% over the past hour. The token was valued at $5.14 at press time and held a market cap of $4.85 billion. The coin registered a 24-hour trading volume of $2.29 billion and was surging by 7.86% over the past day. Confirming the market’s stance against the bears, EOS was also registering a substantial gain of 10% over the past week.

FCoin held a majority of the EOS trading volume and accounted for $161 million in volume via the EOS/USDT pair. This amounted to almost 6% of the total trade volume. The second spot was taken by OKEx, which recorded a 24-hour trade volume of $141 million via the EOS/USDT pair.

With this unforeseen rally, it seems as if the bear market has come to an end. Many prominent analysts have also opined confirming this. eToro’s Mati Greenspan tweeted,

So despite the way it looks, my best guess is today’s crypto surge is not being caused by any flight from tether or bitfinex.

More likely this is simply a continuation of the recent bullish shift in sentiment we’ve been tracking.

I am a believer of the HODL philosophy because we are still in the nascent stage of blockchain technology. Although we are in a bear market now, my outlook on the adoption and growth of blockchain solutions remains unchanged. Blockchain transactions has been growing exponentially and demand for cryptocurrency like Bitcoin [BTC], Ethereum [ETH], Ripple [XRP], Litecoin [LTC] and other Altcoins will only continue to grow exponentially in the next five to ten years.

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